Emeritus Corporation (ESC)

[Penny Roger$]

Emeritus Corporation (Emeritus) is an operator of senior living communities (communities) in the United States. Emeritus owns and operates a portfolio of communities providing services to its residents, including independent living, assisted living, specialized memory care, and, to a lesser extent, skilled nursing care. As of December 31, 2010, Emeritus operated 479 senior living communities in 42 states. The communities consisted of approximately 42,700 residential rooms or suites with a bed capacity for approximately 49,700 residents. Its operated portfolio includes 294 communities that offer Alzheimer’s/dementia (memory care) services. Of the 144 total Properties acquired by the Sunwest JV, the Company managed 139 as of December 31, 2010. The Company provides residents with a private or semi-private residential unit and charge a monthly fee based, in part, on each resident’s individual service needs.

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